3 Strategies to Reduce Your IRMAA for Medicare Part B

If the Social Security Administration considers you a “high-income beneficiary,” you’ll pay a surcharge known as the Income-Related Monthly Adjustment Amount (IRMAA). That means, if your modified adjusted gross income is more than $103,000 for single filers or more than $206,000 for those who are married and filing jointly, you'll be paying the IRMAA penalty.

However, as Josh with Millard Financial Group explains to Erin Kennedy, there are 3 strategies you should consider to reduce that penalty. They are:

1. Roth IRA Conversions

2. Health Savings Accounts

3. Qualified Charitable Distributions

There are also instances when you can apply for an IRMAA waiver. To avoid that IRMAA penalty, proactive planning is key. If you'd like to talk through these strategies with Josh, please call 260.488.8300

#IRMAA #WealthManagement #RothConversion #Retirement #FinancialPlanning

Investment advisory services offered through Brookstone Capital Management, LLC (BCM), a registered investment advisor.  BCM and Millard Financial Group are independent of each other.   Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents. 

The content of this website is provided for informational purposes only and is not a solicitation or recommendation of any investment strategy. Investments and/or investment strategies involve risk including the possible loss of principal. There is no assurance that any investment strategy will achieve its objectives.

Registered Investment Advisors and Investment Advisor Representatives act as fiduciaries for all of our investment management clients. We have an obligation to act in the best interests of our clients and to make full disclosure of any conflicts of interests, if any exist.

The National Social Security advisor (NSSA) certification is obtained in February 2023 by completing eight hours of course works and passing a certification exam. Certification renewal requires sixteen hours of biennial continuing education and payment of a fee. The NSSA certification is not affiliated with or endorsed by the Social Security Administration or any other government agency. More information regarding the verification can be found at https://nationalsocialsecurityassociation.com/become-an-advisor/.